The price of Brent crude rose more than 5% on Thursday as the war in the Middle East continues to escalate.
Russia’s decision to ban diesel exports this week has roiled global energy markets, exacerbating shortages of the industrial fuel and sending prices soaring, even in countries that no longer buy the fuel from Moscow. Diesel accounts for the largest share of global oil consumption and soaring prices can ripple through the global economy given its wide range of uses, from industrial machinery and farm equipment to heavy transport and electricity generation. Supply has remained tight for years due...
China’s crude oil demand is expected to peak this year, according to executives from the country’s largest oil firm, a scenario set to further reshape the global energy market following the Strait of Hormuz crisis. The world’s top oil importer would record slowing demand as reductions in the use of transport fuel outweighed gains in petrochemical demand, said Zhang Changbao, vice-president of China National Petroleum Corporation (CNPC) Asia-Pacific (Hong Kong), at an event in Hong Kong on...
As flow resumes through the strait, an oil surplus may yet again destabilise global energy markets.